《Engie集团(ENGIE)2024年第三季度财务业绩报告(英文版)(20页).pdf》由会员分享,可在线阅读,更多相关《Engie集团(ENGIE)2024年第三季度财务业绩报告(英文版)(20页).pdf(20页珍藏版)》请在三个皮匠报告上搜索。
1、7 NOVEMBER 20249M 2024FINANCIAL INFORMATION2ENGIE NOVEMBER 2024CATHERINE MACGREGORCEO 9M 2024FINANCIAL INFORMATION3ENGIE NOVEMBER 20249M 2024 HIGHLIGHTS9M 2024FINANCIAL INFORMATIONStrong 9M 24 results,guidance confirmedExcellent executionin renewablesand BESSExpansion in power networks in Brazil4ENG
2、IE NOVEMBER 2024STRONG 9M 2024 RESULTS,2024 GUIDANCE CONFIRMED1Cash Flow From Operations=Free Cash Flow before Maintenance Capex and nuclear provisions funding9M 2024FINANCIAL INFORMATIONEBITex.Nuclear7.1bnvs.8.0bn in 9M 2023Economic net debt/EBITDA3.0 xdown 0.1x vs end-202311.8bnvs.13.0bn in 9M 202
3、3CFF012024 guidance confirmedNRIgs expected in the upper end of the range of5.0 to 5.6bnEconomic net debt45.5bndown 1.0bn vs end-20235ENGIE NOVEMBER 2024EXCELLENT EXECUTION IN RENEWABLES 9M 2024FINANCIAL INFORMATIONFully confident of 4 GW additional capacity in 202443.7GWtotal capacity of which 2.3
4、2.3 GW GW added in 9M 247.2GWunder construction 67 projectsOn time and on budget2.6GW signed in 9M 2024of which 1.5 GW with duration above 5 yearsStrong momentum in PPAsup27%year-on-year6ENGIE NOVEMBER 2024FURTHER EXPANSION IN POWER NETWORKS9M 2024FINANCIAL INFORMATIONENGIE wins a new concession to
5、build and operate around 1,000 km of transmission lines in Brazil+1,000kmtransmission lines2new substations5statesSanta Catarina,Paran,Minas Gerais,So Paulo and Esprito Santo8,000kmlines in totalinstalled,in construction or ready for development An important step in ENGIEs strategy to rebalance of i
6、ts regulated positions from gas to electricity Long term and strong regulated concessioncontracts,indexed to inflation Geographical location offering synergies7ENGIE NOVEMBER 2024PIERRE-FRANOIS RIOLACCIEVP in charge of Finance,ESG and Procurement 9M 2024FINANCIAL INFORMATION8ENGIE NOVEMBER 20249M RE
7、SULTSbn,unaudited figures1Actual Gross Organic2EBITDA(excluding Nuclear)10.4-6%-6%EBIT(excluding Nuclear)7.1-11%-11%CFFO311.8-1.1Net Financial Debt430.5+1.0Economic Net Debt445.5-1.0Economic Net Debt/EBITDA43.0 x-0.1xFINANCIAL PERFORMANCE HIGHLIGHTSEBIT down 11%vs record high Strong Q3 2024 wit EBIT
8、(excluding Nuclear)up18%organicallydrivenbyRenewables,Networks and GEMS EBIT(excluding Nuclear)below 9M 2023 mainlybecause of decrease in market volatility andenergy prices Strong cash flow generation with CFFO at11.8bn Stable Net Debt and credit ratios2024 guidance confirmed1.Unaudited figures thro
9、ugh the presentation 2.Organic variation=gross variation without scope and foreign exchange effects3.Cash flow from Operations=Free Cash Flow before Maintenance Capex and nuclear provisions funding4.Variance versus 31 December 20239M 2024FINANCIAL INFORMATION9ENGIE NOVEMBER 2024Q3 EBIT EVOLUTION BY
10、GBU+18%organic growth(excluding Nuclear)driven by Renewables,Networks and GEMS-32+161+96-116+26-111+169o/w+226 GEMSQ3 2023Q3 2024EnergySolutionsNetworksRenewablesOthersEBIT(excl.Nuclear)(m)Flex GenFX-50Scope+181,4691,277+224m organicRetail479414-113358101230 o/w GEMS 428RENEWABLESNETWORKSENERGY SOLU
11、TIONSFLEX GENOTHERSRETAILup 209m to303m1,4699M 2024FINANCIAL INFORMATION10ENGIE NOVEMBER 20249M EBIT EVOLUTION BY GBUStrong performance from Renewables and Flex Gen,GEMS impacted by market normalization-39+229-72+15+258-293-996o/w-973 GEMS9M 20239M 2024EnergySolutionsNetworksRenewablesOthersEBIT(exc
12、l.Nuclear)(m)Flex GenFX-41Scope 27,0917,990-859m organicRetail1,8041,5641531,3154051,850(o/w 2,374GEMS)RENEWABLESNETWORKSENERGY SOLUTIONSFLEX GENOTHERSRETAILup 740m to1,073m7,0919M 2024FINANCIAL INFORMATION11ENGIE NOVEMBER 2024CASH FLOW FROM OPERATIONSRobust cash flow,marginally lower than the previ
13、ous year13.011.8-1.9-2.3+4.3-0.3+1.2-2.5-0.7+0.6+0.69M 2024CFFO9M 2023CFFOTaxes&interestpaidOperatingcash flowMargincallsOtherchangesin WCRSupplytariffshieldsInventoryNet receivablesUnbilledNuclearChange in WCR:+0.3(bn)9M 2024FINANCIAL INFORMATION12ENGIE NOVEMBER 2024STABLE CREDIT RATIOS,RATING MAIN
14、TAINEDBalanced cash equation with CFFO funding growth capex,nuclear obligations and dividends2.0 x2.0 x3.1x3.0 xNet Financial Debt/EBITDAEconomic Net Debt/EBITDADec 23Sep 244.0 xRating:Strong investment grade maintained29.530.5-11.8+6.9+2.4+4.1-0.4DividendsOthersCFFOCapex1Net Financial Debt(bn)Avera
15、ge cost of gross debt46.545.5+1.0+0.5-2.4-0.1ARO3provisionsNuclearfunding&costs2Net FinancialDebtDec2023Sep20241 Growth+maintenance Capex,net of sell-downs and US tax equity proceeds,including net debt acquired 2 Including Synatom funding and waste/dismantling expenses3 Asset Retirement Obligations
16、for dismantling,decommissioning,nuclear waste management and other nuclear liabilitiesLeverage ratiosEconomic Net Debt(bn)Dec20234.60%4.31%Sep2024Nuclearfunding&costs2Others9M 2024FINANCIAL INFORMATION13ENGIE NOVEMBER 2024FY 2024 GUIDANCE CONFIRMEDDividend 65-75%payout ratio based on NRIgsFloor of 0
17、.65 Rating“Strong investment grade”Economic Net Debt/EBITDA 4.0 x 4.0 x over the long term2024:key assumptionsFX:/USD:1.09/BRL:5.80Market commodity forward prices as of 30 September 2024Nuclear BelgiumNo contingencyAverage weather conditions for Q4Recurring net financial costs(1.8-2.1)bnRecurring ef
18、fective tax rate27-29%12.8-13.8bn8.2-9.2bn5.0-5.6bn9M 2024FINANCIAL INFORMATION14ENGIE NOVEMBER 2024SUMMARY9M 2024FINANCIAL INFORMATIONStrong 9M 24 results,guidance confirmedExcellent executionin renewablesand BESSExpansion in power networks in BrazilADDITIONAL MATERIAL16ENGIE NOVEMBER 20249M 2024 E
19、BIT CHANGE BY ACTIVITYY/Y change(m)RENEWABLES+289Mainly scope-in AMEA(Kathu consolidation,BTE Renewables acquisition)and Cruzeiro in Brazil+229 Higher hydro volumes in Europe Commissioning of new capacity Lower prices in Europe Lower one-offs&higher opexNETWORKS-165TAG:15%disposal-72 New transmissio
20、n&distribution tariffs in France Tariff increase/indexation in Chile and Brazil Less premium sales to Germany,higher opex Warm climate,mainly France Lower spread for Storage activities in UK&GermanyENERGYSOLUTIONS+16-+15 2023 one-off recovery Performance actions in Energy Performance&Management acti
21、vities Climate impact in France&drop in gas prices 2024 one-off in the USFLEX GEN&RETAIL+249-296Disposal of Pampa Sul,acquisition of BRP-+258-293 Prices:Chile,hedged spreads in Europe Positive one-offs in 9M 2024 Higher CRM contribution Non-recurring timing impacts in 9M 2024 related to sourcing and
22、 tariff shield Inframarginal tax in France Lower volumes(market normalization impacting load factors in Europe)Climate&client sobriety leading to lower volumes and long positions monetized at lower prices in 2024NUCLEAR+740-+740 No impact of inframarginal tax in H1 2024 Better availabilityTihange2 p
23、lant retirementOTHERS-991-996 Higher commercial margins on BtB Client Risk Management&Supply activitiesGEMS:market normalization with lower prices and volatilityENGIE-158-39-119GrossOrganicKey drivers for organic changeFX/Scope9M 2024FINANCIAL INFORMATION ADDITIONAL MATERIAL17ENGIE NOVEMBER 2024EBIT
24、 BREAKDOWN9M 2024(m)FranceRest of EuropeLatin AmericaNorthern AmericaAMEAOthersTOTALRENEWABLES59521970823370(22)1,804NETWORKS886121571(3)(11)1,564ENERGY SOLUTIONS19681(1)(136)48(34)153FLEX GEN23739926448399(31)1,315RETAIL26913437(36)405OTHERS141,8451,850o/w GEMS2,3742,374EBIT ex.NUCLEAR 2,1839551,54
25、21465541,7127,091NUCLEAR2947781,0739M 2024FINANCIAL INFORMATION ADDITIONAL MATERIAL9M 2023(m)FranceRest of EuropeLatin AmericaNorthern AmericaAMEAOthersTOTALRENEWABLES47019370715121(27)1,515NETWORKS906220613(4)(6)1,729ENERGY SOLUTIONS183102(2)(140)33(38)138FLEX GEN7648515934334(22)1,066RETAIL5609068
26、(18)700OTHERS92,8312,841o/w GEMS3,3433,343EBIT ex.NUCLEAR 2,1961,0911,477504572,7207,990NUCLEAR22510733218ENGIE NOVEMBER 2024OUTRIGHT POWER PRODUCTION IN EUROPE NUCLEAR AND HYDROAs of 30 September 2024Belgium and FranceCaptured prices are shown:Before specific Belgian nuclear and French CNR hydro ta
27、x contributionsOver 2023-2025:excluding the mark-to-market impact of the proxy hedging used for part of Belgian nuclear volumes,which is volatile andhistorically unwinds to close to zero at deliveryStarting in 2026:nuclear volumes hedged are limited to French production,as remaining Belgian nuclear
28、production will not be merchantHedged positions and captured prices(%and/MWh)11098961269M 2024FINANCIAL INFORMATION ADDITIONAL MATERIAL19ENGIE NOVEMBER 2024DISCLAIMERImportant NoticeThe figures presented here are those customarily used and communicated to the markets by ENGIE.This message includes f
29、orward-looking information and statements.Such statements include financial projections and estimates,the assumptions on which they are based,as well as statements about projects,objectives and expectations regarding future operations,profits,or services,or future performance.Although ENGIE manageme
30、nt believes that these forward-looking statements are reasonable,investors and ENGIE shareholders should beaware that such forward-looking information and statements are subject to many risks and uncertainties that are generally difficult to predictand beyond the control of ENGIE and may cause resul
31、ts and developments to differ significantly from those expressed,implied or predictedin the forward-looking statements or information.Such risks include those explained or identified in the public documents filed by ENGIEwith the French Financial Markets Authority(AMF),including those listed in the“
32、Risk Factors”section of the ENGIE Universal RegistrationDocument filed with the AMF on March 07,2024(under number D.23-0085).Investors and ENGIE shareholders should note that if some orall of these risks are realized,they may have a significant unfavourable impact on ENGIE.20ENGIE NOVEMBER 2024FOR MORE INFORMATION ABOUT ENGIEFOR MORE INFORMATION ABOUT 9M 2024 FINANCIAL INFORMATION:https:/ 1 44 22 66 https:/